AAPL (Apple) - no trend, indecision in the market
Apple analysis:
* RSI is hovering around the 50 mark, a sign of lack of market direction (not over-bought or over-sold)
* Two touches of the support but price is still trying to move upwards. If we see a repeated return to that level (See ACTIVISION) then I would expect a brief sell-off - followed by buyers stepping back in and the current support acting as local resistance.
Action to take:
* Trendless market = bad conditions to trade. Keep monitoring the stock. Look for confirmation in either direction.
* Buying the support with a tight stop loss would be a good long-term entry
* Buying the first test of local resistance after it is broken = a superb entry for mid-term
* RSI is hovering around the 50 mark, a sign of lack of market direction (not over-bought or over-sold)
* Two touches of the support but price is still trying to move upwards. If we see a repeated return to that level (See ACTIVISION) then I would expect a brief sell-off - followed by buyers stepping back in and the current support acting as local resistance.
Action to take:
* Trendless market = bad conditions to trade. Keep monitoring the stock. Look for confirmation in either direction.
* Buying the support with a tight stop loss would be a good long-term entry
* Buying the first test of local resistance after it is broken = a superb entry for mid-term
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